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SOA Help please??

creditpunch
Posts: 285 Forumite

Ok heres my lastest SOA
all comments REALLY welcome:
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2700
Partners monthly income after tax....... 0
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2780
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 100
Petrol/diesel........................... 100
Road tax................................ 16
Car Insurance........................... 80
Car maintenance (including MOT)......... 0
Car parking............................. 10
Other travel............................ 116
Childcare/nursery....................... 620
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 50
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 0
Dry Cleaning............................ 20
Total monthly expenses.................. 2369
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 0
Total Assets............................ 700
No Secured Debt
Unsecured Debts
Description....................Debt......Monthly.. .APR
Welcome Finance................3969......0.........0
Blackhorse.....................5600......0........ .0
Citifinancial..................6890......0........ .0
Friends and Family.............500.......0.........0
Friends and Family.............2000......0.........0
Friends and Family.............9300......0.........0
Friends and Family.............3500......0.........0
Friends and Family.............4000......0.........0
Friends and Family.............9200......0.........0
PayDayUK.......................800.......0........ .0
SkyCard........................3400......0........ .0
HSBC MasterCard................520.......0.........0
Capital One....................300.......0.........0
Halifax........................1200......0........ .0
Abbey..........................300.......0........ .0
Barclays.......................2300......0........ .0
Lloyds TSB.....................2300......0.........0
Student Loan...................4500......0.........0
HSBC...........................1300......0........ .0
Total unsecured debts..........61879.....0.........-
Monthly Budget Summary
Total monthly income.................... 2,780
Expenses (including secured debts)...... 2,369
Available for debt repayments........... 411
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 411
Personal Balance Sheet Summary
Total assets (things you own)........... 700
Total Secured debt...................... -0
Total Unsecured debt.................... -61,879
Net Assets.............................. -61,179
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.
My BR date is 29th
I might have a hefty British Gas debt coming. I moved into my new build council flat over a yr ago and made every effort to get them to send me bills but because my home address hadn't got into the system yet as its a new build it has taken them over a yr to sort it out. Totally there fault I wrote letters emails everything. the water and lecky managed to sort it in about 2 months. So I am expecting mmmm finger in the air ... circa £1k of debt which I will be including in the BR.
At which point shoud I stop paying creditors? I have stopped paying loans, od and CC etc I am still however still paying friends and family through bank transfers will the OR see this and tell me off, should I just take it out and give it to them?
How will the OR expect me to prove my debt to Friends and Family as it stands at about £30k which is half my debt.
Is there a possibility I will be force down the IVA/DMP route? I don't want to go into an IVA as I've been told it would last a min 6yrs of repayments and it might not end there, pllus I'd have CRA blip for a further 6 yrs that a min of 10yrs of debt fixing around my neck (and I would like to owe a propert some time this decade or at least enjoy a totally empty (promise) credit card again for big purchases). I just really want to get rid of it all and start again. To be honest I need the 6yrs to adjust my relationship with spending and money and IVA would be a case of continingly managing my finances on a tightrope. Oh and if my salary goes up again the IVA takes the LOT except cost of living for 6 yrs as opposed to 3yrs on a BR. I need it to be worthwhile to continue working my B*TT off.
Thanks for your help
CP
all comments REALLY welcome:
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2700
Partners monthly income after tax....... 0
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2780
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 100
Petrol/diesel........................... 100
Road tax................................ 16
Car Insurance........................... 80
Car maintenance (including MOT)......... 0
Car parking............................. 10
Other travel............................ 116
Childcare/nursery....................... 620
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 50
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 0
Dry Cleaning............................ 20
Total monthly expenses.................. 2369
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 0
Total Assets............................ 700
No Secured Debt
Unsecured Debts
Description....................Debt......Monthly.. .APR
Welcome Finance................3969......0.........0
Blackhorse.....................5600......0........ .0
Citifinancial..................6890......0........ .0
Friends and Family.............500.......0.........0
Friends and Family.............2000......0.........0
Friends and Family.............9300......0.........0
Friends and Family.............3500......0.........0
Friends and Family.............4000......0.........0
Friends and Family.............9200......0.........0
PayDayUK.......................800.......0........ .0
SkyCard........................3400......0........ .0
HSBC MasterCard................520.......0.........0
Capital One....................300.......0.........0
Halifax........................1200......0........ .0
Abbey..........................300.......0........ .0
Barclays.......................2300......0........ .0
Lloyds TSB.....................2300......0.........0
Student Loan...................4500......0.........0
HSBC...........................1300......0........ .0
Total unsecured debts..........61879.....0.........-
Monthly Budget Summary
Total monthly income.................... 2,780
Expenses (including secured debts)...... 2,369
Available for debt repayments........... 411
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 411
Personal Balance Sheet Summary
Total assets (things you own)........... 700
Total Secured debt...................... -0
Total Unsecured debt.................... -61,879
Net Assets.............................. -61,179
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.
My BR date is 29th
I might have a hefty British Gas debt coming. I moved into my new build council flat over a yr ago and made every effort to get them to send me bills but because my home address hadn't got into the system yet as its a new build it has taken them over a yr to sort it out. Totally there fault I wrote letters emails everything. the water and lecky managed to sort it in about 2 months. So I am expecting mmmm finger in the air ... circa £1k of debt which I will be including in the BR.
At which point shoud I stop paying creditors? I have stopped paying loans, od and CC etc I am still however still paying friends and family through bank transfers will the OR see this and tell me off, should I just take it out and give it to them?
How will the OR expect me to prove my debt to Friends and Family as it stands at about £30k which is half my debt.
Is there a possibility I will be force down the IVA/DMP route? I don't want to go into an IVA as I've been told it would last a min 6yrs of repayments and it might not end there, pllus I'd have CRA blip for a further 6 yrs that a min of 10yrs of debt fixing around my neck (and I would like to owe a propert some time this decade or at least enjoy a totally empty (promise) credit card again for big purchases). I just really want to get rid of it all and start again. To be honest I need the 6yrs to adjust my relationship with spending and money and IVA would be a case of continingly managing my finances on a tightrope. Oh and if my salary goes up again the IVA takes the LOT except cost of living for 6 yrs as opposed to 3yrs on a BR. I need it to be worthwhile to continue working my B*TT off.
Thanks for your help
CP
0
Comments
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My understanding is that the debt to friends and family will get included when you go BR and so it will be difficult for you to continue to make payments to them. The OR isn't going to agree to you paying friends and family and not the other debts. I'm sure someone will correct me if I'm wrong.0
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Hi CP
I can't find anything on your soa at all really that is not pretty much perfect - I would consider upping your holiday to £60 and that way if the OR does decide that he wants to cut back on your holiday, you may end up with the amount you originally wanted anyway. And make sure that you have accidental damage cover on your home insurance.
If you are still paying friends and family, safer to do it by cash I think if you are going to do it, although technically, all payments should have stopped by now as if the OR does ask your family if they have been paid recently or when the last payment to them was, they would obviously say which date?
But I am not sure how you are expected to prove debt from family, they may be contacted to ask for a statement as to how much you owe them but I can't really tell you how this works am afraid.
You can't be forced to go down the route of an IVA so do not worry. your soa shows you to be insolvent therefore you have nothing to worry about IMO.
Hope this helps a little!BSC #215/No.1 Jan 09 Club0 -
For someone new to this, can anyone explain how you can go BR to friends and family
If you are owe your mum £10k and your dad £10k how can this debt be wiped? You will still be owe your parents £20k even after bankruptcy?
If not, how do the parents get their £20k back
If i owed £20k to my parents and went bankrupt with other debts, im pretty sure i'd still be in debt to the tune of £20k to my parents as they would be wanting it back regardless if i were BR or not
Sorry, newbie to all this, have no intention of going BR, dont have any debts bar mortgage and car, just intrigued on how you can class money owed to friends and family in bankruptcy??0 -
Hi mitchaa
basically, if you include any money you owe to your parents in the BR, say 20K - then they will only get paid out of any surplus income that you have under an IPA for three years, then payments will stop regardless of whether they have been repaid in full am afraid. you are not allowed to pay any creditor - be it family or not - preferentially and if the OR found out you were making preferential payments - he would increase the bankruptcy restrictions on you.BSC #215/No.1 Jan 09 Club0 -
creditpunch wrote: »Ok heres my lastest SOA
all comments REALLY welcome:
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2700
Partners monthly income after tax....... 0
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2780
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 100
Petrol/diesel........................... 100
Road tax................................ 16
Car Insurance........................... 80 How come this is so high? May have to justify to the OR.
Car maintenance (including MOT)......... 0 Do you not have MOT'S and maintenance?
Car parking............................. 10
Other travel............................ 116
Childcare/nursery....................... 620
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 50 Why is this so high? Do you have special glasses?
Pet insurance/vet bills................. 0 Any pets?
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 0
Dry Cleaning............................ 20 Will possibly be cut to £10 but leave and see
Total monthly expenses.................. 2369
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 0
Total Assets............................ 700
No Secured Debt
Unsecured Debts
Description....................Debt......Monthly.. .APR
Welcome Finance................3969......0.........0
Blackhorse.....................5600......0........ .0
Citifinancial..................6890......0........ .0
Friends and Family.............500.......0.........0
Friends and Family.............2000......0.........0
Friends and Family.............9300......0.........0
Friends and Family.............3500......0.........0
Friends and Family.............4000......0.........0
Friends and Family.............9200......0.........0
PayDayUK.......................800.......0........ .0
SkyCard........................3400......0........ .0
HSBC MasterCard................520.......0.........0
Capital One....................300.......0.........0
Halifax........................1200......0........ .0
Abbey..........................300.......0........ .0
Barclays.......................2300......0........ .0
Lloyds TSB.....................2300......0.........0
Student Loan...................4500......0.........0
HSBC...........................1300......0........ .0
Total unsecured debts..........61879.....0.........-
Monthly Budget Summary
Total monthly income.................... 2,780
Expenses (including secured debts)...... 2,369
Available for debt repayments........... 411
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 411
Personal Balance Sheet Summary
Total assets (things you own)........... 700
Total Secured debt...................... -0
Total Unsecured debt.................... -61,879
Net Assets.............................. -61,179
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.
My BR date is 29th
I might have a hefty British Gas debt coming. I moved into my new build council flat over a yr ago and made every effort to get them to send me bills but because my home address hadn't got into the system yet as its a new build it has taken them over a yr to sort it out. Totally there fault I wrote letters emails everything. the water and lecky managed to sort it in about 2 months. So I am expecting mmmm finger in the air ... circa £1k of debt which I will be including in the BR.
At which point shoud I stop paying creditors? I have stopped paying loans, od and CC etc I am still however still paying friends and family through bank transfers will the OR see this and tell me off, should I just take it out and give it to them? Don't show a paper trail to them. If you have stopped paying other creditors you must not show preferential treatment to F&F. OR could ask for it back.
How will the OR expect me to prove my debt to Friends and Family as it stands at about £30k which is half my debt. Not 100% but possibly a letter to ask
Is there a possibility I will be force down the IVA/DMP route? I don't want to go into an IVA as I've been told it would last a min 6yrs of repayments and it might not end there, pllus I'd have CRA blip for a further 6 yrs that a min of 10yrs of debt fixing around my neck (and I would like to owe a propert some time this decade or at least enjoy a totally empty (promise) credit card again for big purchases). I just really want to get rid of it all and start again. To be honest I need the 6yrs to adjust my relationship with spending and money and IVA would be a case of continingly managing my finances on a tightrope. Oh and if my salary goes up again the IVA takes the LOT except cost of living for 6 yrs as opposed to 3yrs on a BR. I need it to be worthwhile to continue working my B*TT off.
Thanks for your help
CP
If a debt charity has advised BR then you won't be forced to do anything else. Judges respect their opinions.BSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0 -
Thanks All
MOT and maintenace is an ommission will include 30? I am expecting my ins to come in at £500 TFT and £800 FC. am I allowed fully comp? No pets but if I 'had' one would the OR check. I do wear specs I haven't changed them for about 4yrs and really need to not sure what an acceptable price for glasses is.
Has anyone had an OR cut SOA budgets to below commen levels, like £50 not £100 is adequate for clothes. i.e. if I get my SOA to what SHOULD be acceptable to an OR what percentage can I guarantee it. I guess thats difficult to answer but will putit out there just in case theres an insider around
CP0 -
Hi mitchaa
basically, if you include any money you owe to your parents in the BR, say 20K - then they will only get paid out of any surplus income that you have under an IPA for three years, then payments will stop regardless of whether they have been repaid in full am afraid. you are not allowed to pay any creditor - be it family or not - preferentially and if the OR found out you were making preferential payments - he would increase the bankruptcy restrictions on you.
Thanks for the explanation, but can this not be made into a loophole in respects that the money owed to F+F are unlikely to be contracted, so you could theoretically state that your parents loaned you £20k when in reality they lent you nothing. Your parents then get a % of the IPA and pass it straight back to you?
So although wiping your debts, you're actually making money back?
In this case, it would appear the O.P is due 6 lots of family or friends an uncontracted £30k or so? Would this not warrant suspicion?
If i was having money worries, i'd be able to ask my parents for help, but i doubt i'd be able to find 6 lots of F&F members willing to offer me money.
Im curious, not accusing, just seems very strange that you could (from what it appears anyway) pretend debt/creditors in order to financially gain from the IPA later?
Or can you? I may be getting the wrong end of the stick about it here?0 -
Thanks for the explanation, but can this not be made into a loophole in respects that the money owed to F+F are unlikely to be contracted, so you could theoretically state that your parents loaned you £20k when in reality they lent you nothing. Your parents then get a % of the IPA and pass it straight back to you?
So although wiping your debts, you're actually making money back?
In this case, it would appear the O.P is due 6 lots of family or friends an uncontracted £30k or so? Would this not warrant suspicion?
If i was having money worries, i'd be able to ask my parents for help, but i doubt i'd be able to find 6 lots of F&F members willing to offer me money.
Im curious, not accusing, just seems very strange that you could (from what it appears anyway) pretend debt/creditors in order to financially gain from the IPA later?
Or can you? I may be getting the wrong end of the stick about it here?
You could, but that would be fraud. Your F&F would also have to be in on this fraud because they would receive letters from the OR confirming how much is owed etc., I doubt it would enter in to the head of a person in genuine need of BR to do that.
You would also have to explain to the OR exactly what you has spend all these loans on.
Another thing to bear in mind is that your majority creditor can apply to have an independent IP appointed who would do a far more thorough job than the Insolvency Service and would investigate any suspected fraud. Evidence of the actions you describe above would probably prompt a creditor to exercise this right.
In reality the majoity of people who owe money to F&F do not include them in their BR and make an attempt to pay them back from the £99 allowable surplus before any IPA is set (which is yours to spend as you wish) or by cutting back on other allowable expenses such as clothes or food.
I guess this is in response to the cynicism over on the 'Recession' boardAccept your past without regret, handle your present with confidence and face your future without fear0 -
peachyprice wrote: »You could, but that would be fraud. Your F&F would also have to be in on this fraud because they would receive letters from the OR confirming how much is owed etc., I doubt it would enter in to the head of a person in genuine need of BR to do that.
You would also have to explain to the OR exactly what you has spend all these loans on.
Another thing to bear in mind is that your majority creditor can apply to have an independent IP appointed who would do a far more thorough job than the Insolvency Service and would investigate any suspected fraud. Evidence of the actions you describe above would probably prompt a creditor to exercise this right.
In reality the majoity of people who owe money to F&F do not include them in their BR and make an attempt to pay them back from the £99 allowable surplus before any IPA is set (which is yours to spend as you wish) or by cutting back on other allowable expenses such as clothes or food.
I guess this is in response to the cynicism over on the 'Recession' board
Thanks.
I do find it strange that you would include family debts in a BR, as to me lending from family is done in good faith and is/should be expected to be repaid in full just out of sheer common courtesy.
I think i would be disowned by my family if i was to do what i think the O.P is planning to do.
If not repaid now whilst in financial difficulty, what about in a years, 2 years, 5yrs, 10yrs time? That debt will stay with you as long as you are alive in the mindset of your family.
Hence why i think 6 lots of mysterious debts may raise suspicion. I use the word mysterious as without a paper trail the whole thing could be made up.
O.P...Im not accusing you of anything, just stating how it 1st appears to me, but im always the suspicious type so 1st instincts are probably wrong
Saying that i know nothing about BR so just take above with a pinch of salt;)0 -
Another reason this would not be worthwhile, for the average working BR with average income and outgoings the IPA would probably be £150 ish, over 36 months = £5400, out of this has to come the IS costs which I beleive are around £1800, which leaves £3600 to be divided pro rata between all creditors, so said F&F wouldn't get very much back at all, and certainly not a sum worth committing fraud over.Accept your past without regret, handle your present with confidence and face your future without fear0
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